Industrial Logistics Properties Trust
NASDAQ:ILPT
Industrial Logistics Properties Trust
Industrial Logistics Properties Trust is a real estate investment trust, which owns and leases industrial and logistics Properties. The company is headquartered in Newton, Massachusetts. The company went IPO on 2018-01-12. The firm owns and leases distribution and logistics properties throughout the United States that serve the needs of e-commerce. The company owns approximately 288 properties containing 34 million rentable square feet in 31 states, which are leased to approximately 259 different tenants. The 288 properties consisted of 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet that are primarily industrial lands located on the island of Oahu, and 62 properties containing approximately 17.3 million rentable square feet that are industrial and logistics properties located in 30 other states. The firm operates in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. The firm is managed by The RMR Group, an alternative asset management company.
Industrial Logistics Properties Trust is a real estate investment trust, which owns and leases industrial and logistics Properties. The company is headquartered in Newton, Massachusetts. The company went IPO on 2018-01-12. The firm owns and leases distribution and logistics properties throughout the United States that serve the needs of e-commerce. The company owns approximately 288 properties containing 34 million rentable square feet in 31 states, which are leased to approximately 259 different tenants. The 288 properties consisted of 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet that are primarily industrial lands located on the island of Oahu, and 62 properties containing approximately 17.3 million rentable square feet that are industrial and logistics properties located in 30 other states. The firm operates in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. The firm is managed by The RMR Group, an alternative asset management company.
Strong Quarter: ILPT delivered solid Q3 results, with normalized FFO up 26% sequentially and 116% year-over-year, driven by refinancing and leasing activity.
Portfolio Metrics: Same-property cash basis NOI and occupancy rates remained strong, with occupancy at 94.1%, 150 basis points above the U.S. industrial average.
Leasing Momentum: Completed 836,000 square feet of leasing at rental rates 22% above previous levels, with renewals making up 70% of activity.
Guidance: Q4 normalized FFO is expected between $0.27 and $0.29 per share; guidance excludes incentive fees.
Balance Sheet Actions: Three properties totaling 867,000 square feet are held for sale, expected to bring in about $55 million, mostly from owner-users paying premium prices.
Debt Profile: No major maturities until 2029 except for one floating-rate JV loan due in 2027; net debt to assets decreased to 69.3%.
Leasing Pipeline: Over 8 million square feet in the leasing pipeline, with most negotiations for 2026-2027 expirations and anticipated roll-ups of 20% on the Mainland and 30% in Hawaii.
